IndoSpace closes second industrial real estate fund at $330M

IndoSpace Logistics Parks, a joint private equity investment platform floated by Everstone Capital and American investment group Realterm Global, has closed its second industrial real estate fund called IndoSpace Logistics Parks II (ILP II) at $330 million, the company said in a release.

The new fund, which originally targeted $300 million, was oversubscribed. Bulk of the money was committed by its existing investors besides some new marquee investors. The fund’s investor base consists of leading endowments, foundations, sovereign and pension funds, it said on Tuesday.

“The successful fundraise is a big endorsement of IndoSpace’s leadership in the industrial real estate space in India and our large and integrated platform," said Brian Oravec, partner & CEO, IndoSpace.

IndoSpace is developing around 32 million square feet of large-scale modern industrial and warehousing facilities across core industrial markets in India, including Mumbai, Pune, Bengaluru, Chennai, Delhi NCR, Ahmedabad and Kolkata. Its tenants include leading multinational companies and third-party logistics players such as DHL, P&G, Levi's and L'Oreal.

“We are incredibly pleased with the continued support from our first fund investors and welcome a fantastic group of additional investors into our second fund, as our venture continues to execute on the tremendous opportunity for industrial development in India," said Ken Code, co-founder and CEO, Realterm Global.

Realterm is a global private equity investment firm, focusing on industrial real estate and infrastructure assets with nearly $2.5 billion in assets under management in 300 operating and development investments worldwide.

Everstone is an India and Southeast Asia-focused private equity and real estate investor with over $2 billion in assets.

(Edited by Joby Puthuparampil Johnson)

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